In fairness to the TC, your shocks are part shot, so the TC has to work harder. On later TC's, it tries to apply brake to spinning wheel before reducing engine power, so if you are still giving it a boot load, it will step out a bit.
I regularly test mine (
) and find in normal conditions, the TC does what its supposed to do. On those roundabouts next to petrol stations - the ones which always have spilt diesel (being a biker, you get very aware of petrol stations near roundabouts!) - once the slide has started, there is little that TC can do - traction is lost, and its no longer a power/braking issue.
The Omega TC is one of the best I have driven - though most of my other TC experience is in BMWs which have awful TC - and it does exactly what it says on the tin, ie its a safety feature, like ABS, that hopefully will never come on. If it does come on, you are driving beyond the capabilities of the car in those conditions...